Yoshi.Exchange Weekly Crypto News Digest — 10/10–16/10
HOT NEWS 🔥
Google Partners With Coinbase
Google Cloud has teamed with Coinbase to allow users to pay for its solutions with cryptocurrency in an effort to entice crypto-based businesses to use its cloud services. Initially, only web3 companies will be able to pay for Google Cloud infrastructure with cryptocurrency; however, the company intends to make this option available to the general public in the future.
Uniswap Raises $165 Million
Uniswap Labs, the firm behind Uniswap, the dominating DEX, has received US$ 165 million at a valuation of US$1.66 billion. Polychain Capital led the round, with participation from a16z, Paradigm, SV Angel, and Variant. The DEX, which has handled over US$ 1.2 trillion in trade volume, plans to use the funds to expand its offerings and improve its user experience. These new items will be related to NFT projects and NFT trading. Uniswap Labs will also utilize the funds to help establish the Uniswap Foundation and distribute over US$ 60 million in grants to community projects.
CNN Shuts Down Its NFT Marketplace
CNN has shut down its NFT marketplace after only four months of operation, providing users a 20% refund. “Vault by CNN: Moments That Changed Us” was a project that consisted of tokenized news moments and a vault to showcase the tokens. CNN announced when it was founded that its developers will integrate new capabilities related to the multimedia platform, such as the capacity to mint articles. However, once the trial concluded, CNN confirmed that the company will no longer be developing the vault or sustaining the community because the project was a “6-week experiment.”
Bored Ape Yacht Club (BAYC) Faces Drop In Floor Price
The floor price of Bored Ape Yacht Club (BAYC) and related NFTs fell significantly after the SEC initiated an investigation against the collection’s producers, Yuga Labs. Yuga Labs is being investigated as a result of the distribution of APE to BAYC NFT holders. According to the SEC, because BAYC holders got APE upon the token’s debut, the NFT was classified as a security under the Howey test’s fourth prong. Yuga Labs has responded positively to the investigation, pledging to fully cooperate with the SEC and its inquiries.
Weekly crypto price recap:
Bitcoin Price Wrap
As the new week began, BTC encountered selling pressure, and the price fell until it reached the 19,000 support level. Until Wednesday, when strong selling followed by huge bid volumes caused the price to swing from lows of 18,183 to highs of 19,947 in 14 hours. Price then reverted, hovering above 19,000 until the weekend. At the end of the week, BTC returned -0.88%.
Ethereum Price Wrap
ETH started the week in the negative as market players de-risked ahead of significant economic data releases from the United States. Despite a better-than-expected figure, the market showed little reaction, most likely due to the imminent CPI data, which has been a significant market driver for months. As the market became increasingly agitated on Thursday, aggressive short positions were taken, forcing stop outs. ETH fell as high as 6.6% in the hour before the release, but after a better-than-expected figure, new long interest and short covering culminated in a 12.93% gain by Thursday’s closing. Following the significant advance, the market saw a period of flat price activity, resulting in a weekly finish of 1,305.8 and a -1.34% return at the conclusion of the week.
BNB Price Wrap
As things were looking okay at the beginning of the week, BNB opened the week at 278 and maintained the price till Wednesday. By Wednesday all cryptocurrency took a nose dive and BNB wasn’t exempted. BNB had the week’s low at 257 and was revived by heavy buyers who took the price to the week’s close at 272.49. BNB lost 2% by the end of the week.
Fanthom Price Wrap
It wasn’t a pleasant week for FTM despite the beginning of the week looking promising. FTM opened the week at $0.226 but by Wednesday everything went sour as the price plummeted to the week’s low of $0.186. The sellers couldn’t maintain the pressure as the buyers took control and pushed the price to the week’s close of $0.207. FTM lost 6.7% at the end of the week.
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